United States trade deficit little changed in March

United States trade deficit little changed in March

United States trade deficit little changed in March

Exports to the United States, which accounted for 73.1 per cent of all Canadian exports in March, edged up by 0.1 per cent while imports increased by two per cent.

With imports and exports both falling, the Commerce Department released a report on Thursday showing that the USA trade deficit was little changed in the month of March. Statscan revised February's deficit to $1.08 billion from an initial $972 million.

Imports grew 1.7 percent to C$47.11 billion on higher inward flows of metal and non-metallic mineral products, particularly unwrought gold from Japan.

Export Development Canada says rising commodity prices will fuel export growth.

Year-to -date, the goods and services deficit increased 7.5 percent compared with the same period in 2016.

The total trade deficit on goods and services was -$43.7bn in March, down from -$43.8bn in the month before, according to the Department of Commerce.

Other reports suggest US firms are benefiting from stronger economic growth around the globe, including in Europe and Asia.

China's imports and exports are expected to stabilise and improve in the near future, the Ministry of Commerce said in its quarterly report on trends in the country's foreign trade.

President Donald Trump told Reuters that he was "psyched" to terminate the North American Free Trade Agreement with Canada and Mexico, but changed his mind after their leaders asked for it to be renegotiated instead.

Imports from Mexico hit $28.1 billion, their highest on record, pushing the deficit with the southern neighbor to its highest level in almost 10 years.

The decline in exports was led by falling energy products: crude oil and crude bitumen exports fell 14.2 percent to $48.2 billion while annual volumes of both increased 2.7 percent.

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